More than 6.5 million families have signed up for Trump Accounts since late January, Treasury told the Detroit Free Press, marking broad early uptake of the new federal child savings program.
Eligible babies born in 2025 through 2028 receive a one-time $1,000 federal contribution, while any U.S.-citizen child under 18 with a Social Security number can open an account through TrumpAccounts.gov or IRS Form 4547.
Treasury currently invests contributions in an S&P 500 ETF by default, and the official site estimates $1,000 could grow to about $6,000 by age 18 or $243,000 by age 55 if left untouched.
Morningstar's Spencer Look said outcomes vary sharply: a seed-only account could average about $39,000 by age 55, while annual $5,000 contributions through age 18 could lift balances into the millions.
The accounts convert to traditional IRAs in the year the child turns 18, making them more retirement-oriented than 529 plans and leaving open questions about taxes, withdrawals and possible effects on college aid.